Ofcom Rejects South West-YMCG Deal Again
February 18, 2010 at 4:55 AM (PT)
U.K. radio regulator OFCOM has refused for a second time to approve the application of STEPHEN DEXTER's YOUR MEDIA COMMUNICATIONS GROUP to buy five stations from bankrupt SOUTH WEST RADIO, reports the BATH CHRONICLE. YMCG applied to buy BATH FM/BATH, BRUNEL FM/SWINDON, 3TR/WARMINSTER, and the QUAYWEST stations (QUAY WEST 100.4/102.8/WEST SOMERSET and QUAY WEST 107.4/BRIDGEWATER-SEDGEMOOR) in AUGUST and was previously turned down in DECEMBER.
The CHRONICLE quotes YMCG Dir. NIGEL REEVE as saying, "The OFCOM issues are now much closer to being resolved. YMCG is about to bring in a major investor at the end of FEBRUARY, who will be investing the level of funds necessary for us to develop BATH FM and make it the leading local station in the area.
"We reapplied for the transfer back in DECEMBER and OFCOM said it had to make a decision within a timeframe.
"We understand that because the funding is not with us for a couple more weeks, OFCOM had to reject the transfer but it has invited use to reapply as soon as the funding is there, which we are of course doing."